The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Varun Gupta & Express Infra Financial Consultancy ....
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Promoter group entities — Express Infra Financial Consultancy Pvt Ltd and Varun Gupta — received convertible securities via a preferential allotment on November 11, 2025. Express Infra got 13,13,131 Compulsorily Convertible Preference Shares, and Varun Gupta got 7,50,000 Fully Convertible Warrants. Together these represent 9.61% of the total diluted share capital of the company. Before the allotment, the promoter group held 63,35,305 equity shares (34.66% of equity capital, 32.65% on a diluted basis). After including the new convertibles, their effective holding rises to 83,98,436 shares, which is 34.66% of equity and 39.12% on a fully diluted basis. The equity share capital stays unchanged at Rs. 18.28 crore (1.83 crore shares of Rs. 10 each), while total diluted capital expands to Rs. 21.47 crore (2.15 crore shares).
The promoter group's effective control in the company is increasing without any fresh equity issuance right now — the convertibles will dilute minority shareholders when they are converted later. Existing public shareholders face potential future dilution, while promoter influence over the company clearly strengthens.